WEX Venture Capital, the newly announced venture capital arm of WEX Inc. (NYSE: WEX), a global commerce platform, has invested in Chargetrip as part of a second close of Chargetrip’s oversubscribed Series A funding round. The investment comes as part of WEX Venture Capital’s authorization to invest up to $100 million in companies focused on the energy transition, including areas of electric mobility such as fleet electrification, the electric vehicle (EV) charging ecosystem, and energy management and optimization.
As Chargetrip rolls out its suite of fleet electrification tools to select customers, the investment from WEX Venture Capital will help fuel its growth through new capital and networks. Servicing more than 18 million vehicles worldwide as of Q1 2023, WEX offers the potential opportunity to work with new customers and partners to further Chargetrip’s mission.
“The investment from WEX Venture Capital is a major step towards our goal to be the number one design partner for electrifying fleets. With WEX’s network and fleet software expertise, Chargetrip has the potential to access new customers, benefit from WEX leadership’s knowledge, and grow its North American presence,” said Gideon van Dijk, CEO and founder of Chargetrip.
Chargetrip is among the first investments announced by WEX Venture Capital.
“We are thrilled to welcome Chargetrip to the WEX Venture Capital portfolio,” said Carlos Carriedo, Chief Operating Officer, International, WEX. “Chargetrip’s deep expertise in range prediction and routing technology for EV fleets is compelling as we assess optimal routing and charging locations to help save fleets time and money. We look forward to collaborating with Chargetrip to help strengthen its first-mover advantage in market awareness, product maturity, and traction as fleets convert to EVs over time.”
Chargetrip offers electrification tools for fleets ranging from fleet electrification simulation to real-time EV routing via integration with existing fleet management tools. Learn more about how Chargetrip works with electrifying fleets here:
About WEX:
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.
About WEX Venture Capital:
WEX Venture Capital is the venture capital arm of WEX (NYSE: WEX) with an authorization of $100 million in capital focused on identifying and helping advance next-generation technology and companies focused on the energy transition. Investment areas of focus include fleet electrification, the electric vehicle (EV) charging ecosystem, energy management and optimization, and adjacent technology. WEX Venture Capital offers portfolio companies the potential to benefit from the breadth of WEX's global fleet business and expertise, while guiding WEX fleet customers as they navigate the expected global EV transition. For more information, please visit https://vc.wexinc.com.
Read the full release from WEX here: